Nazareth Del Socorro

Nazareth is an indefatigable fighter, since from a very early age she has looked for a way to get ahead via different lines of work, among them, as an assistant in a hair salon. There she learned everything having to do with this type of work until, some time ago, she decided to fly solo and create her own business, Style and Beauty. Although this entrepreneur works over 11 hours a day, seven days a week, she is aware that this is the way to get ahead and improve the quality of life for her and her family.

At 45 years of age, Nazareth is the mother of five children. She dreams of expanding her business and making it a hair salon that is known not only in Puerto Berrío Antioquia but also in the surrounding municipalities.

Currently she needs a loan to purchase beauty items that she may sell in her hair salon and thus increase her earnings.

Additional Information

Important Information

This loan is structured on Kiva as a bullet loan, which means a single payment is required at the end of the loan term. By Colombian law, Kiva's partner Interactuar is required to offer borrowers loans with a variable interest rate that fluctuates with the market rate. Because fixed monthly payments are applied first to interest and then to principal, Interactuar is unable to predict upfront what portion of each repayment would go towards the loan principal. This creates a challenge with Kiva's system, which doesn't allow for unpredictable principal payments, and can result in some Interactuar clients appearing falsely delinquent. To remedy this, the loan has an end-of-term repayment plan on Kiva, but the borrower will continue scheduled monthly repayments to Interactuar, who will then pass along the principal amount to Kiva lenders. This means that you may see repayments made on this loan throughout the repayment term, as opposed to receiving repayment in full at the end of the loan term.